(Reuters) -Theater chain AMC Entertainment beat Wall Street expectations for third-quarter revenue on Wednesday, bolstered by a strong lineup of blockbusters including “Superman” and “The Conjuring: Last Rites.”
The upbeat results underscore the recovery in U.S. cinema attendance after a long slump brought on by the pandemic, high inflation levels and the rise of streaming services, which made it convenient for consumers to access media.
In an attempt to eliminate debt, AMC has taken to shutting down underperforming theaters, investing heavily in successful locations and upgrading auditoriums to add larger screens, enhanced sound and other amenities as audiences are drawn to more premium movie-going experiences.
“We expect the fourth quarter industry-wide box office will turn out to be the highest grossing fourth quarter in six years. We also continue to believe that the size of the 2026 box office will be dramatically larger than that achieved in 2025,” said Adam Aron, chief executive officer of AMC.
Revenue for the third quarter stood at $1.30 billion, beating estimates of $1.23 billion, according to data compiled by LSEG.
Net loss for the quarter was $298.2 million, compared with a loss of $20.7 million a year ago, primarily due to non-cash charges associated with a refinancing in July.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Alan Barona)
Comments